Company Quick10K Filing
BP Midstream Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-K 2020-02-27 Annual: 2019-12-31
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-14 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-22 Annual: 2017-12-31
10-Q 2017-12-06 Quarter: 2017-09-30
8-K 2020-02-27 Earnings, Regulation FD, Exhibits
8-K 2019-11-12 Earnings, Regulation FD, Exhibits
8-K 2019-08-08 Earnings, Regulation FD, Exhibits
8-K 2019-08-06 Enter Agreement, Officers, Exhibits
8-K 2019-06-19 Officers
8-K 2019-05-09 Earnings, Regulation FD, Exhibits
8-K 2019-02-28 Earnings, Regulation FD, Exhibits
8-K 2018-11-14 Earnings, Regulation FD, Exhibits
8-K 2018-10-01 Enter Agreement, M&A, Regulation FD, Exhibits
8-K 2018-08-09 Earnings, Regulation FD, Exhibits
8-K 2018-05-10
8-K 2018-05-08 Enter Agreement, Officers, Exhibits
8-K 2018-03-22 Earnings, Regulation FD, Exhibits
8-K 2018-03-09 Accountant, Exhibits

BP Midstream Partners Financials

BPMP Metrics, Comps, Filings

Annual | Quarterly

Business

We are a fee-based, growth-oriented master limited partnership formed by BP Pipelines, an indirect wholly owned subsidiary of BP, to own, operate, develop and acquire pipelines and other midstream assets. Our assets consist of interests in entities that own crude oil, natural gas, refined products and diluent pipelines and refined product terminals serving as key infrastructure for BP and other customers to transport onshore crude oil production to BP's Whiting Refinery and offshore crude oil and natural gas production to key refining markets and trading and distribution hubs. Certain of our assets deliver refined products and diluent from the Whiting Refinery and other U.S. supply hubs to major demand centers.

We have historically generated substantially all of our revenue under long-term agreements or FERC-regulated generally applicable tariffs by charging fees for the transportation of products through our pipelines. Substantially all of our aggregate revenue on BP2, Diamondback and River Rouge is supported by commercial agreements with BP Products. BP Products has entered into minimum volume commitment agreements with respect to BP2, River Rouge and Diamondback that have terms running through December 31, 2020. We also have a second minimum volume commitment agreement on Diamondback, with a term running through June 30, 2020. BP Pipelines also granted us a seven-year ROFO through 2024 with respect to its retained ownership interest in Mardi Gras and all of its interests in midstream pipeline systems and assets related thereto in the contiguous United States and offshore Gulf of Mexico that are owned by BP Pipelines. We refer to these assets collectively as the "Subject Assets".

Our primary business objectives are maintaining the safe and reliable operation of our assets to generate stable and predictable cash flows and increase our quarterly cash distribution per unit over time while maintaining a conservative balance sheet.


Valuation ($MM)

Market Cap, Enterprise Value

Balance Sheet ($MM)

Assets, Stockholders' Equity

Income Statement ($MM Annual)

Revenue, Gross Profit, Net Income

Cash Flow ($MM Annual)

Operating, Investing, Financing

Comps ($'000 TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
American Midstream Partners (AMID) 13% 2.9 -0% 1,715,737 1,278,288 772,944 97,075 -6,980 156,780 450,724
Summit Midstream Partners (SMLP) 60% 10.4 -0% 2,901,456 1,827,257 464,952 280,479 -4,096 134,010 1,387,936
Enlink Midstream Partners (ENLK) 13% 13.0 -1% 9,416,800 6,955,500 882,600 -116,100 347,500 4,511,800
Buckeye Partners (BPL) 31% 3.9 9% 8,510,110 4,419,774 3,706,872 1,150,567 767,632 965,690 3,749,401
Antero Midstream Partners (AM) 0% 3.7 10% 3,546,417 1,854,909 1,028,522 0 337,335 444,656 1,632,147
NuStar Energy (NS) 0% 89.6 -3% 6,135,836 3,788,919 1,746,279 0 -181,975 36,503 3,272,489
CNX Midstream Partners (CNXM) 0% 2.6 11% 1,181,266 742,871 224,296 0 125,815 148,440 392,190
Delek Logistics Partners (DKL) 19% -0.0 12% 767,807 910,297 604,679 114,900 94,808 150,005 -6,353
Plains All American Pipeline (PAA) 10% 2.2 11% 28,377,000 15,266,000 33,300,000 3,296,000 2,989,000 3,823,000 8,505,000
Noble Midstream Partners (NBLX) 57% 3.0 9% 2,622,766 1,082,548 612,197 350,327 239,431 311,715 934,461
TC Pipelines (TCP) 7.0 8% 2,822,000 2,096,000 0 0 216,000 275,000 1,913,000
Western Gas Partners (WES) 56% 6.6 4% 9,236,282 5,704,703 1,384,994 773,711 343,503 716,654 4,749,552
BP Midstream Partners (BPMP) 0% 2.2 24% 713,111 483,592 122,213 0 174,492 174,492 375,595
Southcross Energy Partners (SXE) 7% -15.7 -18% 631,824 735 274,725 17,859 -113,983 -36,886 577,599
Shell Midstream Partners (SHLX) 0% 4.6 27% 2,019,000 2,776,000 519,300 0 550,000 550,000 2,525,000
Magellan Midstream Partners (MMP) 79% 4.9 9% 8,392,186 5,717,730 2,012,368 1,581,641 734,404 917,882 4,514,283
Energy Transfer (ET) 27% 5.9 4% 91,856,000 70,938,000 40,493,000 10,886,000 3,549,000 7,853,000 46,639,000
Plains GP Holdings (PAGP) 10% 2.3 10% 29,690,000 15,267,000 33,300,000 3,296,000 2,833,000 3,724,000 8,503,000
Western Gas Equity Partners (WGP) 55% 6.8 4% 12,178,225 8,843,150 2,023,234 1,120,267 518,341 1,117,869 7,613,072
USA Compression Partners (USAC) 33% 6.2 1% 3,751,230 2,040,001 692,154 230,151 27,848 295,853 1,843,307

Balance Sheet ($'000)2017-12-312018-12-31
Cash32,69456,970
Accounts Receivable188325
Inventory
PP&E69,48868,580
Assets605,658693,203
Accounts Payable269607
Long-Term Debt468,000
Liabilities24,803482,351
Stockholders' Equity238,52569,878
Income Statement ($'000)2017-12-312018-12-31
Revenue2,2042,836
Cost of Revenue
Gross Profit
R&D
SG&A8954,582
Tax25,3180
Net Income68,976165,676
Cash Flow ($'000)2017-12-312018-12-31
Cash Operating69,241173,783
Cash Investing4,990-69,164
Cash Financing-41,537-80,343